Las Vegas Sands misses by $0.18, misses on revs  

• Reports Q1 (Mar) earnings of $0.45 per share, excluding non-recurring items, $0.18 worse than the Capital IQ Consensus of $0.63; revenues fell 9.8% year/year to $2.72 bln vs the $2.88 bln Capital IQ Consensus. EPS was $0.57 adjusted for Hold, or how lucky the casino was in terms of gambling win.
• Hold-Normalized Adjusted Property EBITDA was $1.03 Billion - Consolidated Adjusted Property EBITDA was $917.6 Million
  • In Macao: Adjusted Property EBITDA was $510.4 Million - Strong Cost Discipline Drove a 190 Basis Point Improvement in Hold-Normalized Adjusted Property EBITDA Margin to 32.1%. "The operating environment in Macao remained challenging during the quarter; but we do see signs of stabilization, particularly in the mass market. Our focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows enabled us to once again deliver in excess of one billion U.S. dollars of hold-normalized adjusted property EBITDA during the quarter... We remain confident that our market-leading Cotai Strip properties, which will be complemented later this year by The Parisian Macao, targeted to open in mid-September 2016, will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide our company with an outstanding and diversified platform for growth in the years ahead."

WYNN Takes a hit after hours with the miss.